Funding

Funding

Residential

The City of Berlin offers a residential housing incentive program. This program is for new residential construction in the City of Berlin. The program is a 4% rebate based on the assessed value of the new home with a maximum of $10,000 per property.

The City of Berlin partners with Housing and Urban Development (HUD) Community Development Block Grant (CDBG) to offer housing rehabilitation program for community’s ability to conserve, rehabilitate, and improve residential properties occupied by low-to-moderate (LMI) residents.

Tax Incremental Finance (TIF)

Tax Incremental Finance (TIF) is a financing option that allows a municipality (city, village or town) to fund infrastructure and other improvements, through property tax revenue of newly developed property. A municipality identifies an area, the tax incremental district (TID), as appropriate for a certain type of development. The municipality identifies projects to encourage and facilitate the desired development. Then as property values rise, the municipality uses the property tax paid on that development to pay for the projects. After the project costs are paid, the municipality closes the TID. The municipality, school(s), county, and technical college are able to levy taxes on the value of the new development.

Opportunity Zones

The 2017 Tax Cuts and Jobs Act established Opportunity Zones to spur private investment in distressed communities throughout the U.S. This new Opportunity Zones program will allow investment in some of our nation’s most economically challenged communities through tax incentives. The tax incentives encourage private investment to accelerate economic growth and job creation.